2400 Forest Dr #115

Inverness, FL 34453

$101,500D-

2 bd · 2.0 ba · 1,035 sqft · Built 1977 · Condo · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,437/mo
• Mortgage (P&I): −$532
• Tax + insurance: −$169
• HOA: −$525
• Vac / Maint / Mgmt: −$302
• Net cashflow: $-91/mo
• Annual: $-1,092/yr
• Cap rate: 5.22%
• Cash-on-cash: -3.84%
• DSCR: 0.83
• 1% rule: 1.42%
• Cash to close: $28,420

Investor read

• This is a 2-bed/2.0-bath condo listed at $102k. Condition is rated fair.
• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $88k (13.0% below list).
• Meets the 1% rule at list price ($1k rent vs $102k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $88k (13.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $702 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#564 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: health & safety C-, amenities F, commute F.
• Citrus (rural): math 49% / reading 50% proficiency, ranked #44 of 73 in FL (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pleasant Grove Elementary School (math 61% / reading 58%, grade B-, #690 of 2,144 statewide, top 34%, 621 students, 67% FRL); Inverness Middle School (math 52% / reading 48%, grade C, #254 of 571 statewide, top 45%, 1,017 students, 60% FRL); Citrus High School (math 34% / reading 51%, grade F, #264 of 667 statewide, top 41%, 1,503 students, 54% FRL) — zoned schools at 60% FRL track the district average.
• Watch-outs: HOA is 37% of rent.
• Market conditions: 427 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• Citrus County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering and peeling
• Major: roof — Significant wear
• Major: flooring — Worn carpet
• Major: paint — Visible wear on walls